Journal of Contemporary Accounting & Economics最新文献_第7页

CPA exam score and auditors’ salaries 注册会计师考试成绩和审计师工资

IF 2.9 3区管理学 Q2 BUSINESS, FINANCE

Journal of Contemporary Accounting & Economics

Pub Date : 2025-03-28 DOI: 10.1016/j.jcae.2025.100467

Pedro Ortín-Ángel , Stefan Sundgren , Ana Millán

The research presents two competing views on the welfare effects of occupational licensing. One stream of literature suggests that licensing is a barrier to entry into professions, limiting competition and resulting in economic rents. A second stream suggests that they can increase well-being by alleviating information problems. We use data on CPAs’ salaries before and after certification to test these conflicting hypotheses. Consistent with the information-alleviation hypothesis, we find a positive correlation between performance on the CPA exam and auditors’ salaries after the exam but not before the exam when the competencies have developed. Furthermore, we find that the positive association is stronger for auditors working at Big 4 firms, younger auditors and male auditors. The abovementioned results indicate that auditors’ technical competencies are valued more highly by Big 4 firms than by non-Big 4 firms. After the CPA certification, we do not observe salary increases that are greater than expected based on previous years’ increases and auditors’ performance on the CPA exam, as the barrier-to-entry theoretical approach suggests. We discuss the implications of the results for the role of CPA regulation.

该研究对职业许可的福利效应提出了两种相互竞争的观点。一种文献表明，许可是进入行业的障碍，限制了竞争，导致了经济租金。第二种观点认为，它们可以通过缓解信息问题来提高幸福感。我们使用注册会计师认证前后的工资数据来检验这些相互矛盾的假设。与信息缓解假设一致，我们发现注册会计师考试成绩与考试后审计师的工资呈正相关，而当能力发展时，考试前审计师的工资与考试成绩呈正相关。此外，我们发现在四大会计师事务所工作的审计师、年轻审计师和男性审计师之间的正相关关系更强。上述结果表明，四大会计师事务所比非四大会计师事务所更重视审计师的技术能力。在注册会计师认证之后，我们没有观察到根据前几年的加薪和审计师在注册会计师考试中的表现，加薪幅度大于预期，正如进入壁垒理论方法所表明的那样。我们讨论了结果对注册会计师监管作用的影响。

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引用次数: 0

The communicative value of key audit matters in M&As: The effect of performance commitments 并购中关键审计事项的沟通价值：绩效承诺的影响

IF 2.9 3区管理学 Q2 BUSINESS, FINANCE

Journal of Contemporary Accounting & Economics

Pub Date : 2025-02-26 DOI: 10.1016/j.jcae.2025.100464

Xiang Luo , Yi Luo , Jianan Zhou

Previous research suggests that including performance commitment contracts (PCs) in mergers and acquisitions (M&As) increases the post-acquisition risk of goodwill impairment. Using a sample of Chinese companies from 2017 to 2022, we find that M&As with PCs not only lead auditors to be more likely to disclose M&A-related key audit matters (KAMs) in audit reports but also result in these disclosures being less boilerplate. Moreover, KAMs related to M&As with PCs are more informative, as evidenced by higher cumulative absolute abnormal returns, greater abnormal trading volume, and lower share price synchronisation. Our findings further indicate that the negative relationship between PCs and the disclosure of boilerplate M&A-related KAMs is particularly pronounced when auditors face higher accountability risks or when they are more prudent or prioritise their professional reputations. Additionally, M&A-related KAMs with more detailed information attract greater attention from analysts and institutional investors. Overall, our results suggest that auditors, driven by professional diligence, enhance the communicative value of KAMs by disclosing non-boilerplate information, thereby facilitating the effective transmission of risk information in the capital market.

以往的研究表明，在并购（M&As）中加入绩效承诺合同（PCs）会增加收购后商誉减值的风险。使用2017年至2022年的中国公司样本，我们发现，与pc一样，不仅导致审计师更有可能在审计报告中披露与并购相关的关键审计事项（KAMs），而且导致这些披露不那么样板化。此外，与M&；与个人电脑相关的KAMs更具信息性，这表现为更高的累积绝对异常收益、更大的异常交易量和更低的股价同步性。我们的研究结果进一步表明，当审计师面临更高的问责风险，或者当他们更谨慎或优先考虑自己的职业声誉时，个人信息与并购相关的资产管理信息披露之间的负相关关系尤为明显。此外，与M&； a相关的kam信息更详细，吸引了分析师和机构投资者的更多关注。综上所述，我们的研究结果表明，审计师在专业尽职的驱动下，通过披露非模板信息，提升了注册会计师的沟通价值，从而促进了风险信息在资本市场上的有效传递。

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引用次数: 0

ESG rating agencies and investors’ reactions to earnings news ESG评级机构和投资者对收益消息的反应

IF 2.9 3区管理学 Q2 BUSINESS, FINANCE

Journal of Contemporary Accounting & Economics

Pub Date : 2025-02-04 DOI: 10.1016/j.jcae.2025.100456

Qingyuan Li , Albert Tsang , Qiong Wu , Xi Xiong

We examine the effect of environmental, social, and governance (ESG) information provided by rating agencies on investors’ reactions to earnings news. Based on ESG ratings provided by three major rating agencies, we present evidence that firms’ earnings response coefficients (ERCs) are positively correlated with the initiation of coverage, intensity of coverage, and rating dispersion of ESG rating agencies. Our evidence further suggests that the positive effect of ESG information on ERCs is more pronounced for firms that operate within a weaker information environment. In addition, ESG rating agencies tend to play a more important role in strengthening the stock market reaction to positive earnings news than that to negative earnings news. We also document that the main effects are stronger for firms that have higher-quality ESG ratings and are covered by ESG rating agencies facing more intense competition. Collectively, our results support the view that the ESG information made available by ESG rating agencies significantly enhances the stock market reaction to earnings news by aiding investors’ assessment of firms’ future financial performance and earnings sustainability.

我们研究了评级机构提供的环境、社会和治理（ESG）信息对投资者对收益新闻的反应的影响。基于三家主要评级机构提供的ESG评级，我们证明了企业的盈余反应系数（ERCs）与ESG评级机构的覆盖起始、覆盖强度和评级分散度呈正相关。我们的证据进一步表明，在信息环境较弱的公司中，ESG信息对erc的积极影响更为明显。此外，ESG评级机构在加强股市对正面收益消息的反应方面往往比在负面收益消息方面发挥更重要的作用。我们还证明，对于拥有更高质量ESG评级的公司，以及面临更激烈竞争的ESG评级机构所涵盖的公司，主要影响更强。总的来说，我们的研究结果支持这样的观点，即ESG评级机构提供的ESG信息通过帮助投资者评估公司未来的财务业绩和盈利可持续性，显著增强了股市对盈利消息的反应。

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引用次数: 0

Catalyzing transparency: Proactive enforcement of information disclosure and its impact on stock price synchronicity 催化透明度：信息披露的主动执行及其对股价同步性的影响

IF 2.9 3区管理学 Q2 BUSINESS, FINANCE

Journal of Contemporary Accounting & Economics

Pub Date : 2025-01-27 DOI: 10.1016/j.jcae.2025.100455

Shijun Guo , Fang Hu

Focusing on the Industry Information Disclosure Guides (IIDGs) in China’s stock markets, we investigate the impact of firm-specific industry information disclosure on stock price synchronicity under proactive public enforcement. Employing a difference-in-differences analysis around industry-targeted events, we find a significant reduction in stock price synchronicity among companies in focus sectors compared to those in non-focus sectors following the introduction of industry-specific disclosure regulations. This reduction is distinguishing industry-level from market-level synchronicity and spilling over to non-regulated industries through manager learning channel, emphasizing the unique information features of IIDGs at the industry level. Additional tests demonstrate the heightened significance of IIDGs in poor information environment, particularly for companies with opaque financial reporting, with limited private oversight and operating in less competitive markets. Our findings provide valuable insights into the interplay between disclosure mechanisms and information environment in emerging markets.

本文以中国股票市场的行业信息披露指南（IIDGs）为研究对象，研究了主动公共执法下企业特定行业信息披露对股价同步性的影响。采用针对行业目标事件的差异分析，我们发现在引入行业特定披露法规后，重点行业公司的股价同同性与非重点行业公司相比显着降低。这种减少是将行业层面的同步性与市场层面的同步性区分开来，并通过管理者学习渠道向非监管行业溢出，强调了行业层面iidg独特的信息特征。额外的测试表明，在信息环境恶劣的情况下，特别是对于财务报告不透明、私人监督有限和在竞争较弱的市场中经营的公司而言，内部审计机构的重要性更高。我们的研究结果为新兴市场披露机制与信息环境之间的相互作用提供了有价值的见解。

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引用次数: 0

Housing prices and labor cost stickiness: Evidence from China 房价与劳动力成本粘性：来自中国的证据

IF 2.9 3区管理学 Q2 BUSINESS, FINANCE

Journal of Contemporary Accounting & Economics

Pub Date : 2025-01-10 DOI: 10.1016/j.jcae.2025.100454

Suyan Yan, Chang Tong, Qiliang Liu

Based on firm-level data from 2007 to 2020, this study examines the influence of housing prices on labor cost stickiness. The results show that housing prices strengthen firms’ labor cost stickiness. The strengthening effect is particularly pronounced in high-tech industries and during periods of high economic policy uncertainty. Moreover, as the observation period extends, the impact of housing prices on labor cost stickiness diminishes. Further analysis reveals that housing prices have a reinforcing effect on stickiness in terms of employee numbers, with no significant impact on per capita remuneration stickiness. This study indicates that a company will need to allocate additional resources toward investment in machinery and equipment to address the labor cost stickiness stemming from the housing price surge.

本文基于2007 - 2020年的企业层面数据，考察了房价对劳动力成本粘性的影响。结果表明，房价增强了企业的劳动力成本粘性。这种强化效应在高科技产业和经济政策高度不确定时期尤为明显。而且，随着观察期的延长，房价对劳动力成本粘性的影响逐渐减弱。进一步分析发现，房价对员工数量黏性有强化作用，对人均薪酬黏性无显著影响。该研究表明，公司需要分配额外的资源用于机器和设备的投资，以解决由房价飙升引起的劳动力成本粘性。

引用次数: 0

Seeing is believing: Director accounting enforcement experience and financial reporting quality 眼见为实：董事会计执法经验与财务报告质量

IF 2.9 3区管理学 Q2 BUSINESS, FINANCE

Journal of Contemporary Accounting & Economics

Pub Date : 2024-12-24 DOI: 10.1016/j.jcae.2024.100453

Silver Chung , Daniel Sejun Hwang

This study investigates the impact of directors’ experiences with accounting enforcement on financial reporting quality (FRQ). While firms often regard real-life experiences as a crucial factor in their hiring decisions, the actual impact of directors’ experiences on corporate decisions, particularly financial reporting decisions remains unclear. Using a difference-in-differences method, we find significant changes in a firm’s FRQ when its director experiences SEC enforcement at another firm where she serves as a director. More specifically, we find that discretionary accruals and restatement likelihood decrease while real activities manipulation increases following a director’s Accounting and Auditing Enforcement Releases (AAER) experience. Additionally, such changes are concentrated among subsamples where AAERs allege fraud or GAAP violations, or the director serves on the audit committee at the perpetrating company. Collectively, these findings show that directors’ experiences make differences in related corporate decision-making and SEC enforcement actions have disciplinary effects beyond the firms that directly face charges.

本研究探讨董事在会计执行方面的经验对财务报告质量（FRQ）的影响。虽然公司通常将现实生活经验视为其招聘决策的关键因素，但董事经验对公司决策，特别是财务报告决策的实际影响尚不清楚。使用差异中的差异方法，我们发现当其董事在其担任董事的另一家公司经历SEC执法时，公司的FRQ会发生重大变化。更具体地说，我们发现，在董事的会计和审计执法发布（AAER）经验之后，可自由支配的应计利润和重述可能性减少，而真实活动操纵增加。此外，这些变化主要集中在审计人员涉嫌欺诈或违反公认会计准则的子样本中，或者董事在犯罪公司的审计委员会任职。总的来说，这些发现表明，董事的经历对相关的公司决策产生了影响，而SEC的执法行动对直接面临指控的公司之外的公司也有纪律影响。

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引用次数: 0

Carbon emission regulation and corporate financing constraints: A quasi-natural experiment based on China’s carbon emissions trading mechanism 碳排放监管与企业融资约束：基于中国碳排放交易机制的准自然实验

IF 2.9 3区管理学 Q2 BUSINESS, FINANCE

Journal of Contemporary Accounting & Economics

Pub Date : 2024-12-20 DOI: 10.1016/j.jcae.2024.100452

Pengcheng Zhang , Jiayin Qi

This study empirically investigates the impact of carbon emissions trading on corporate financing constraints using a difference-in-differences model. By compiling lists of emission-controlled enterprises from each pilot carbon market, this study demonstrates that carbon emissions trading significantly increases financing constraints for these enterprises. However, no significant regional or sectoral spillover effects are observed. The results of the mechanism testing show that carbon emissions trading diminishes enterprise performance in the stock market and exerts adverse effects on the scale of corporate bank borrowing and the debt maturity structure. Further research reveals that good corporate governance and better information quality can inhibit the adverse effects of carbon emissions trading. This mechanism reduces firms’ investment expenditures, but increases their investments in research and development and financial asset allocation. Notably, despite financing constraints being detrimental to innovation, carbon emissions trading significantly enhances both the level and quality of innovation in firms. These findings underscore the complex effects of carbon emissions trading on corporate financing constraints and highlight the intricate nature of environmental policies at the microeconomic level.

本文采用差异中的差异模型实证研究了碳排放交易对企业融资约束的影响。通过编制各试点碳市场排放控制企业的清单，本研究表明碳排放交易显著增加了这些企业的融资约束。然而，没有观察到显著的区域或部门溢出效应。机制检验结果表明，碳排放交易降低了企业在股票市场的绩效，并对企业银行借款规模和债务期限结构产生不利影响。进一步的研究表明，良好的公司治理和更好的信息质量可以抑制碳排放交易的不利影响。这种机制减少了企业的投资支出，但增加了企业在研发和金融资产配置方面的投资。值得注意的是，尽管融资约束不利于创新，但碳排放交易显著提高了企业创新的水平和质量。这些发现强调了碳排放交易对企业融资约束的复杂影响，并强调了环境政策在微观经济层面的复杂性。

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引用次数: 0

Does air pollution matter for audit process and audit outcomes? Evidence from China 空气污染对审计过程和审计结果有影响吗？来自中国的证据

IF 2.9 3区管理学 Q2 BUSINESS, FINANCE

Journal of Contemporary Accounting & Economics

Pub Date : 2024-12-19 DOI: 10.1016/j.jcae.2024.100451

Yaqian Wu , Jiyuan Li

We investigate the impact of air pollution on audit process and audit outcomes using unique data from the Chinese capital market between 2013 and 2020. We find that auditors exert less effort in client firms located in cities with severe air pollution, leading to lower audit quality represented by a lower probability of and fewer audit adjustments. The cross-sectional analysis shows that auditors from Big 4 audit firms can mitigate the effect of air pollution on audit effort and audit quality. We also draw some interesting conclusions about the effect of auditors’ perceptions of air pollution variation in both spatial and time dimensions, and the impact of COVID-19. Our findings still hold in several robustness checks such as using alternative proxies, controlling for more fixed effects, considering mutual selection issues, employing regression discontinuity design, utilizing instrument variables method, and conducting placebo tests. Our study contributes to the emerging literature on behavioral finance by extending the research into ambient air pollution to the auditing context, provides new insights into the determinants of audit effort and audit quality, and has some implications for regulators.

本文利用2013年至2020年中国资本市场的独特数据，研究了空气污染对审计过程和审计结果的影响。我们发现，在空气污染严重的城市，审计人员对客户事务所的努力较少，导致审计质量较低，审计调整的概率较低，审计调整较少。横断面分析表明，四大审计事务所的审计师可以缓解空气污染对审计工作和审计质量的影响。我们还得出了一些有趣的结论，即审核员对空气污染在空间和时间维度上变化的看法的影响，以及COVID-19的影响。我们的研究结果在一些稳健性检验中仍然成立，如使用替代代理、控制更固定的效应、考虑相互选择问题、采用回归不连续设计、利用工具变量方法和进行安慰剂检验。我们的研究通过将环境空气污染的研究扩展到审计背景，为行为金融学的新兴文献做出了贡献，为审计工作和审计质量的决定因素提供了新的见解，并对监管机构有一些启示。

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引用次数: 0

The unintended consequences of targeted poverty alleviation: Evidence from China 精准扶贫的意外后果：来自中国的证据

IF 2.9 3区管理学 Q2 BUSINESS, FINANCE

Journal of Contemporary Accounting & Economics

Pub Date : 2024-11-26 DOI: 10.1016/j.jcae.2024.100450

Jing Zhou , Lili Jiu , Oupin Tang , Po-Hsiang Yu

This study examines the effect of corporate targeted poverty alleviation (TPA) activities endorsed by Chinese governments on audit outcomes. We find that firms engaging in TPA activities are less likely to receive modified audit opinions (MAOs) relative to those without TPA activities and more TPA investments induce less MAO issuance, documenting an unintentional beneficial consequence of TPA. These findings are robust to a battery of sensitivity tests, including addressing endogeneity issues and ruling out the alternative explanation. Our cross-sectional results show that the negative relation between TPA and MAOs is more significant for firms audited by non-industry specialists and short-tenure auditors, non-state-owned enterprises (non-SOEs), and labor-intensive firms. We perform the mediation analyses and identify three potential channels- improved operating performance, enhanced information disclosure quality, and elevated reputation- through which TPA engagements influence the likelihood of receiving MAOs. Moreover, we find industrial development TPA has a more pronounced effect on audit outcomes due to its positive impact on firms’ business operations. Overall, our research documents an unintended consequence of firms’ TPA initiatives in mitigating audit risk. As a vital facet of policy-oriented CSR, TPA engagements exhibit unique characteristics compared to other CSR perspectives. Given its economic relevance and political features, our study contributes to this stream of research and offers implications for TPA initiatives.

本研究考察了中国政府支持的企业定向扶贫（TPA）活动对审计结果的影响。我们发现，与没有TPA活动的公司相比，参与TPA活动的公司收到修改审计意见（MAOs）的可能性更小，并且更多的TPA投资导致更少的MAO发行，这证明了TPA的一个无意的有益后果。这些发现在一系列敏感性测试中是稳健的，包括解决内生性问题和排除其他解释。我们的横断面研究结果表明，在由非行业专家和短期审计师审计的企业、非国有企业和劳动密集型企业中，TPA与MAOs的负相关关系更为显著。我们进行了中介分析，并确定了三个潜在的渠道——改善经营绩效、提高信息披露质量和提高声誉——通过这些渠道，TPA参与影响了接收mao的可能性。此外，我们发现工业发展贸易促进权对审计结果的影响更为显著，因为它对企业的业务运营有积极的影响。总体而言，我们的研究记录了公司TPA举措在减轻审计风险方面的意外后果。作为政策导向企业社会责任的一个重要方面，与其他企业社会责任观点相比，贸易促进权的参与表现出独特的特点。鉴于其经济相关性和政治特征，我们的研究有助于这一研究流，并为TPA倡议提供启示。

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引用次数: 0

Expanded auditor’s reports and voluntary disclosure 扩大审计报告和自愿披露范围

IF 2.9 3区管理学 Q2 BUSINESS, FINANCE

Journal of Contemporary Accounting & Economics

Pub Date : 2024-10-18 DOI: 10.1016/j.jcae.2024.100443

Wenxuan Huang , Weidong Xu , Donghui Li , Jiancheng (Duncan) Liu

Employing a panel sample of 5,090 firm-years from 981 UK firms during the period from 2010 to 2016, we investigate the impact of the implementation of expanded auditor’s reports (EARs) on corporate voluntary disclosure. We find that the likelihood and frequency of voluntary disclosure significantly decrease after the implementation of EARs. In addition, the total number of risks of material misstatement (RMMs) has no impact on voluntary disclosure after the implementation of EARs, while certain RMMs categories (i.e., entity rather than account risks, and firm-specific rather than industry-level risks) display a more pronounced impact on corporate voluntary disclosure. In further analysis, we find that the mandatory adoption of EARs increases the proportion of long-term forecasts, riches the content of voluntary disclosure, and elicits a more positive market response to the announcement of voluntary disclosure. Cross-sectional analyses show that the impact of the implementation of EARs on voluntary disclosure can be magnified by a higher level of media coverage, especially breaking news coverage. Our results remain valid after considering various robustness tests and selection bias concerns.

我们采用 2010 年至 2016 年期间 981 家英国公司的 5,090 个公司年的面板样本，研究了扩大审计报告（EARs）的实施对企业自愿性信息披露的影响。我们发现，实施 EARs 后，自愿披露的可能性和频率都显著下降。此外，重大错报风险（RMMs）的总数在 EARs 实施后对自愿披露没有影响，而某些 RMMs 类别（即实体风险而非账户风险，以及公司特定风险而非行业层面风险）对企业自愿披露的影响更为明显。在进一步的分析中，我们发现强制采用 EARs 会增加长期预测的比例，丰富自愿披露的内容，并引起市场对自愿披露公告更积极的反应。横截面分析表明，更高水平的媒体报道，尤其是突发新闻报道，会放大 EARs 的实施对自愿披露的影响。在考虑了各种稳健性检验和选择偏差问题后，我们的结果仍然有效。

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引用次数: 0